Date: September 24, 2009
Source: News Room
The Southeastern Public Service Authority's (SPSA) board of directors voted to review a $331 million offer from a New York-based ReEnergy Holdings LLC (Albany, NY) to buy the financially troubled agency. Nevertheless, SPSA is moving forward with an alternate agreement made a week earlier to sell its Portsmouth waste-to-energy plant to Wheelabrator for $150 million. The proposal to buy the entire agency is ReEnergy's third such offer and officials now have 30 days to formally accept or reject the agreement.
Executives with ReEnergy say that their proposal will result in lower waste disposal fees and that it will pay off SPSA's entire $240 million debt, however, its success in doing so relies in part on signing SPSA's eight member municipalities to new 20-year contracts.
To finance its takeover bid, ReEnergy would put up $81 million in cash and equities and $242 million in borrowed money through tax-exempt bonds. Also helping in the deal are partners Waste Industries USA and Kaufman & Canoles, a Norfolk law firm. ReEnergy was launched in 2008 as a subsidiary of the Riverstone/Carlyle Renewable and Alternative Energy Fund.
To learn more about ReEnergy Holdings and its proposal to buy SPSA, visit: www.sellspsanow.com.
Sign up to receive our free Weekly News Bulletin
Please send us a note and we will try to respond quickly.
Waste Business Journal (WBJ) and its content contributors shall be not held liable for any improper or incorrect use of the information or services on this Web site and assume no responsibility for anyone's use of the information or services. Waste Business Journal and its content contributors shall not be held liable for any direct or indirect damages caused in any way through the use of information or services on this Web site. This includes but is not limited to procurement or substitute goods or services; loss of use, data, or profits; or business interruption. This disclaimer of liability applies to any damages or injury which may be perceived by you, the Web user, to be caused by the information or services on this Web site, or by using this Web site.
Indemnification
You agree to defend, indemnify, and hold harmless Waste Business Journal, its Web content contributors, its agencies, officials and employees from all claims and expenses, including attorneys' fees, arising from the use of the information or services on this Web site; by your using this Web site; or by its use through your Internet account.
Disclaimer of Warranties/Accuracy of Data
Although an effort is made to assure the accuracy and completeness of the information provided on WBJ's Web site, WBJ makes no express or implied warranty as to the accuracy, adequacy, completeness, legality, reliability or usefulness of the Web site's information. Waste Business Journal provides this information and all online services on an "as is" basis. While there may be changes to information covered on the Web site, these changes may or may not be made available on the Web site.
Many Web pages are copied and temporarily stored on other Web servers for Web user convenience and to speed page delivery. If you have obtained information from the WBJ Web site from a Web server source other than the Waste Business Journal Web site host server, be aware that Web page content or services can be altered or changed after they are first made available on the Web. WBJ recommends that you pay careful attention to the contents of any metadata (support data) associated with a file, and you contact the provider of the data or information directly with any questions about data accuracy, timeliness or completeness before using the data.
If you find any errors or omissions, please report them to the Web Manager for the Waste Business Journal Web site (info@wasteinfo.com).
Disclaimer of Endorsement
Waste Business Journal is a distributor of content sometimes supplied by third parties and other users. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by third parties, including information providers, users, or others, are not those of WBJ, but are those of the respective author(s) or distributor(s). The content does not necessarily reflect the views, policies or practices of Waste Business Journal, or its agencies, officials or employees.
Any reference on the WBJ Web site to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, is not an endorsement or recommendation. Any reference shall not be used for advertising or product endorsement purposes.
Disclaimer for Hypertext Links
Waste Business Journal and its contributors are not responsible for the contents of any off-site pages linked from the WBJ Web site. As a user of the WBJ Web site, you specifically acknowledge that Waste Business Journal and its contributors are not liable for any defamatory, offensive, or illegal conduct of other users, links, or third parties and that the risk of injury from all off-site content mentioned here rests entirely with you, the Web site user.
Links from the WBJ Web site to other sites do not constitute an endorsement from Waste Business Journal. These links are provided as a convenience for WBJ Web site users and as an information service only. As a Web user, it is your responsibility to determine the content and usefulness of information you find on other sites.
Disclaimer of Duty to Continue Providing Data
Due to the rapidly changing nature of the World Wide Web and the Internet, online resources that are free and publicly available one day may require a fee or have restricted user access the next. In addition, the location of information, services or Web pages may change as menus, home pages, and files are updated or reorganized. You expressly agree that use of the WBJ Web site is at your sole risk. Neither Waste Business Journal, its content providers, agencies, officials or employees guarantee that the service will be uninterrupted or error-free.
Choice of Law
Information in this disclaimer is governed by the laws of the State of California. Any dispute arising from the use of information or services provided on the WBJ Web site will be governed by the laws of the State of California.
Thank you for visiting Waste Business Journal's Web site. WBJ recognizes the public's concern about privacy on the Internet and the Web. This privacy statement describes how information will be gathered about you from your visit to our site and how it will be used by the WBJ's Web site operators.
Waste Business Journal will make every effort to protect personal or business information you choose to provide on our Web site in the same way it protects personal and business information provided through other methods.
This privacy statement is provided for informational purposes only. It is not meant to be a contract of any type. Waste Business Journal may change its privacy statement at any time, without prior notice.
Information Collection on this Web Site
If you read or download information:
If you only browse through the Web site, read pages, or download information, the WBJ Web site computer will gather and store certain information about your visit automatically. (This is a routine function of Web site computers.) This information does not identify you personally. We automatically collect and store only the following information about your visit:
The Internet domain and IP address for the computer you
use when visiting our Web site (for example, "yourcompany.com"
if you use a private Internet access account, or "yourschool.edu"
if you connect from a university's domain);
The type of Web browser (e.g. Internet Explorer, Netscape) and computer
operating system (e.g. Windows, Mac) used to access our site;
The date and time you visit the site;
The pages you visit; and
If you linked to the WBJ Web site from another site, the address of
that site.
We use this information to help us make our site more useful to visitors,
to fix problems, and to learn about the number of visitors to our site
and the types of technology visitors use. We do not track or record
information about individuals, except as described below.
If you send email to a Waste Business Journal email address:
By sending us an electronic mail message, you may be sending personal information (i.e., your name, address, email address, etc.). We may store your name and address, and may share your email with various staff, to address your problem or concern or to answer your question.
Email is not necessarily secure and can be intercepted. WBJ has arrangements with some third parties for online payments.
Other information may be collected on the WBJ Web site through survey or feedback forms or other means.
Links to Non-WBJ (Third Party) Web Sites
This Web site contains links to information located on sites maintained by public agencies and other private organizations. Once you use a link to another agency, organization or company Web site, WBJ privacy standards no longer apply and you are subject to the privacy policy of that Web site.
Web Site Security
For Web site security purposes and to be sure the WBJ Web site remains available to all users, this site uses software programs to monitor Internet network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Unauthorized attempts to upload information, change information, or cause damage on this Web site are prohibited and may be prosecuted and punished under current state and federal laws prohibiting activity of that nature.